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2014 (12) TMI 968 - ITAT DELHIClaim of deduction u/s 80IB - Income derived from operations and maintenance of SEZ - Deletion of adjustment in book profits calculation u/s 115JB – Held that:- CIT(A) rightly of the view that the adjustment not provided in explanation contained in section 115JB which provide for certain additions and subtractions from the profit shown in the profit & loss account - the income is from SEZ operations and it is not required to be included for working of book profit u/s 115JB – also in DCIT, Circle-10 (1), New Delhi Versus DLF Assets Pvt. Ltd. [2014 (1) TMI 1579 - ITAT DELHI] it has been held that the provisions of clause (g) to section 115JB refers to the amount of expenditure incurred for earning exempt income which has to be added back to the profit as per P&L A/c for the purpose of calculation of book profits u/s 115JB – the order of the FAA is upheld – Decided against revenue. Disallowance on deduction u/s 80IAB deleted – income from sale of business treated as capital gain – Held that:- As decided in assessee’s own case it has been held that deduction u/s 80IA of the Act cannot be denied after having been granted in the first year of claim, as the restraint of Section 80 IA(3) cannot be re-adjudicated in the subsequent AYs without withdrawing or disturbing the claim which was allowed in the initial AY – Decided against revenue.
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